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The young Lamfalussy : an empirical and policy-oriented growth theorist

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  • Ivo Maes

    (National Bank of Belgium, Research Department
    Université catholique de Louvain, Robert Triffin Chair
    ICHEC Brussels Management School)

Abstract

Alexandre Lamfalussy has been highly influential in the process of European monetary and financial unification. In this paper we will analyse the work of the "Young Lamfalussy" (from the mid 1950s to the mid 1960s). Lamfalussy started his career as an academic, focusing on growth theory and Belgian and European growth patterns in the post-war period. His work is still considered to be influential in the recent literature on Europe's post-war economic growth. It fits nicely into the Keynesian tradition: Lamfalussy's analytical frameworks were often inspired by Keynesian models, in his analysis he emphasised vicious and virtuous circles in the economy and, in his policy conclusions, he was a clear partisan of more planning. However, certain elements, typical also of Lamfalussy's later work, were already present, not least a strong European conviction and an eclectic approach towards economics, blending economic theory and empirical data beautifully to elucidate crucial policy problems

Suggested Citation

  • Ivo Maes, 2009. "The young Lamfalussy : an empirical and policy-oriented growth theorist," Working Paper Research 163, National Bank of Belgium.
    • Handle: RePEc:nbb:reswpp:200904-30
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    File URL: https://www.nbb.be/doc/ts/publications/wp/wp163en.pdf
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    References listed on IDEAS

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    1. Anthony P. Thirlwall, 2011. "The Balance of Payments Constraint as an Explanation of International Growth Rate Differences," PSL Quarterly Review, Economia civile, vol. 64(259), pages 429-438.
    2. Paul Mandy, 2005. "L'héritage de Léon-H. Dupriez : un survol," Reflets et perspectives de la vie économique, De Boeck Université, vol. 0(1), pages 11-30.
    3. Alexandre Lamfalussy, 2006. "Central banks, governments and the European monetary unification process," BIS Working Papers 201, Bank for International Settlements.
    4. Unknown, 2007. "Research Areas," Amber Waves:The Economics of Food, Farming, Natural Resources, and Rural America, United States Department of Agriculture, Economic Research Service, pages 1-3, June.
    5. J. R. Hicks, 1954. "The Process Of Imperfect Competition," Oxford Economic Papers, Oxford University Press, vol. 6(1), pages 41-41.
    6. Ivo Maes & Erik Buyst, 2005. "Migration and Americanization: The special case of Belgian economics," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 12(1), pages 73-88.
    7. Cassiers, Isabelle & De Ville, Philippe & Solar, Peter, 1994. "Economic Growth in Post-War Belgium," CEPR Discussion Papers 986, C.E.P.R. Discussion Papers.
    8. Unknown, 2007. "Research Areas," Amber Waves:The Economics of Food, Farming, Natural Resources, and Rural America, United States Department of Agriculture, Economic Research Service, pages 1-3, April.
    9. Unknown, 2007. "Research Areas," Amber Waves:The Economics of Food, Farming, Natural Resources, and Rural America, United States Department of Agriculture, Economic Research Service, pages 1-3, February.
    10. Ivo Maes, 2007. "The spread of Keynesian economics : a comparison of the Belgian and Italian experiences," Working Paper Research 113, National Bank of Belgium.
    11. Unknown, 2007. "Research Areas," Amber Waves:The Economics of Food, Farming, Natural Resources, and Rural America, United States Department of Agriculture, Economic Research Service, pages 1-3, September.
    12. Unknown, 2007. "Research Areas," Amber Waves:The Economics of Food, Farming, Natural Resources, and Rural America, United States Department of Agriculture, Economic Research Service, pages 1-3, November.
    13. Ivo Maes & Lucia Quaglia, 2003. "The process of European monetary integration : a comparison of the Belgian and Italian approaches," Working Paper Research 40, National Bank of Belgium.
    14. Ivo Maes & Lucia Quaglia, 2003. "The process of european monetary integration: a comparison of the belgian and italian approaches," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 56(227), pages 299-335.
    15. Ivo Maes & Lucia Quaglia, 2003. "The process of european monetary integration: a comparison of the belgian and italian approaches," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 56(227), pages 299-335.
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    Cited by:

    1. Ivo Maes & Piet Clement, 2018. "Alexandre Lamfalussy and the monetary policy debates among central bankers during the Great Inflation," Working Paper Research 341, National Bank of Belgium.
    2. Ivo Maes, 2015. "Alexandre Lamfalussy (1929 - 2015)," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2015(2), pages 153-158.
    3. Ivo Maes, 2010. "Alexandre Lamfalussy and the origins of the BIS macro-prudential approach to financial stability," PSL Quarterly Review, Economia civile, vol. 63(254), pages 265-292.
    4. Ivo Maes, 2009. "On the origins of the BIS macro-prudential approach to financial stability: Alexandre Lamfalussy and financial fragility," Working Paper Research 176, National Bank of Belgium.

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    More about this item

    Keywords

    Lamfalussy; European growth patterns; Keynesian economics; Belgium; macroeconomic policy-making;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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